ETH launched a night raid, continuously shrinking volume while rising at high levels, until finally quickly spiking to take away the liquidity from shorts.
With the massive selling of the big whale in Bitcoin, ETH quickly retraced downwards after a pullback. The airdrop continues to increase during the day. The bullish support strength is always unable to withstand the selling pressure. The market's profit-taking is just too much.
Without the backing of ETF strength, the short-term bulls will quickly surrender, even turning to join the bear camp. This can be seen from the obvious change in the funding rate.
In the evening, pay close attention to whether support can be gained above the 4550 support level. After the index stabilizes from the decline, look for a rebound to test 4700.
There is no recommendation to chase shorts at the current position. The bullish rebound strength at a small scale is relatively fast, making it easy to miss the exit.
The short position captured at a high level can be gradually reduced near the support.
Resistance above: 4727/4781/4856/4925
Support below: 4510/4466/4363